Southern States Bancshares (NASDAQ:SSBK) Price Target Lowered to $35.00 at Hovde Group

Southern States Bancshares (NASDAQ:SSBK) had its price objective cut by Hovde Group from $36.00 to $35.00 in a report issued on Tuesday, MarketBeat.com reports. They currently have an outperform rating on the stock.

Separately, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $36.00 price objective (up from $35.00) on shares of Southern States Bancshares in a report on Tuesday, July 23rd.

Southern States Bancshares Price Performance

Shares of NASDAQ:SSBK opened at $31.08 on Tuesday. The stock has a market capitalization of $277.23 million, a P/E ratio of 8.75 and a beta of 0.21. The business has a 50-day moving average of $30.41 and a two-hundred day moving average of $28.17. Southern States Bancshares has a fifty-two week low of $22.13 and a fifty-two week high of $34.72. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03.

Southern States Bancshares (NASDAQ:SSBK) last posted its earnings results on Monday, October 21st. The company reported $0.89 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.07). The company had revenue of $46.83 million during the quarter. Southern States Bancshares had a return on equity of 14.88% and a net margin of 19.33%.

Southern States Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 1st will be given a dividend of $0.09 per share. The ex-dividend date is Friday, November 1st. This represents a $0.36 annualized dividend and a dividend yield of 1.16%. Southern States Bancshares’s dividend payout ratio is presently 10.14%.

Insider Activity at Southern States Bancshares

In related news, Director Jay F. Pumroy sold 2,995 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $32.13, for a total transaction of $96,229.35. Following the transaction, the director now owns 100,774 shares of the company’s stock, valued at approximately $3,237,868.62. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Brent O. Hitson sold 2,000 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $31.17, for a total value of $62,340.00. Following the completion of the transaction, the director now directly owns 21,753 shares of the company’s stock, valued at $678,041.01. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jay F. Pumroy sold 2,995 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $32.13, for a total transaction of $96,229.35. Following the completion of the sale, the director now directly owns 100,774 shares in the company, valued at $3,237,868.62. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 14.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Southern States Bancshares

A number of hedge funds and other institutional investors have recently made changes to their positions in SSBK. Rhumbline Advisers raised its position in Southern States Bancshares by 7.0% in the second quarter. Rhumbline Advisers now owns 8,958 shares of the company’s stock worth $243,000 after purchasing an additional 586 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Southern States Bancshares in the 2nd quarter worth about $245,000. Squarepoint Ops LLC acquired a new stake in shares of Southern States Bancshares during the 2nd quarter worth about $257,000. Kennedy Capital Management LLC lifted its holdings in Southern States Bancshares by 3.7% during the 1st quarter. Kennedy Capital Management LLC now owns 24,851 shares of the company’s stock valued at $644,000 after purchasing an additional 886 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Southern States Bancshares by 10.2% in the second quarter. Bank of New York Mellon Corp now owns 40,045 shares of the company’s stock valued at $1,087,000 after buying an additional 3,708 shares in the last quarter. 58.73% of the stock is owned by institutional investors.

Southern States Bancshares Company Profile

Southern States Bancshares, Inc operates as the bank holding company for Southern States Bank that provides community banking services to businesses and individuals. The company provides various deposit products, such as savings, money market, and noninterest-bearing demand accounts; certificates of deposit; and time deposits.